topic Re: Should I cancel some credit cards? in Credit Cardshttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682463#M1655812
<BLOCKQUOTE><HR /><LI-USER login="RunningWithScissors" uid="1074182"></LI-USER>&nbsp;wrote:<BR /><P>I have an excellent (800+) FICO score, and many credit cards I no longer use. I also have quite a few mortgages (almost all are for investment properties) plus a HELOC (almost maxed out), and find myself frequently being turned for new credit cards, even though I have a good salary (in addition to the rental income) and don't miss payments. I have no trouble paying my balances off every month - I never use revolving credit. <STRONG>When I am given a reason for refusal, it's usually because of my debt to income ratio.</STRONG></P><P>&nbsp;</P><P>Would closing some of the cards I no longer use be beneficial in any way? They are all no-fee cards; most are disused because I now have cards with better benefits.</P><P>&nbsp;</P><P>Thanks!</P><P>&nbsp;</P><HR /></BLOCKQUOTE><P>Thats your answer</P>Wed, 17 Jul 2019 20:56:58 GMTMeanmchine2019-07-17T20:56:58ZShould I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682438#M1655808
<P>I have an excellent (800+) FICO score, and many credit cards I no longer use. I also have quite a few mortgages (almost all are for investment properties) plus a HELOC (almost maxed out), and find myself frequently being turned for new credit cards, even though I have a good salary (in addition to the rental income) and don't miss payments. I have no trouble paying my balances off every month - I never use revolving credit. When I am given a reason for refusal, it's usually because of my debt to income ratio.</P><P>&nbsp;</P><P>Would closing some of the cards I no longer use be beneficial in any way? They are all no-fee cards; most are disused because I now have cards with better benefits.</P><P>&nbsp;</P><P>Thanks!</P><P>&nbsp;</P>Wed, 17 Jul 2019 20:32:31 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682438#M1655808RunningWithScissors2019-07-17T20:32:31ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682463#M1655812
<BLOCKQUOTE><HR /><LI-USER login="RunningWithScissors" uid="1074182"></LI-USER>&nbsp;wrote:<BR /><P>I have an excellent (800+) FICO score, and many credit cards I no longer use. I also have quite a few mortgages (almost all are for investment properties) plus a HELOC (almost maxed out), and find myself frequently being turned for new credit cards, even though I have a good salary (in addition to the rental income) and don't miss payments. I have no trouble paying my balances off every month - I never use revolving credit. <STRONG>When I am given a reason for refusal, it's usually because of my debt to income ratio.</STRONG></P><P>&nbsp;</P><P>Would closing some of the cards I no longer use be beneficial in any way? They are all no-fee cards; most are disused because I now have cards with better benefits.</P><P>&nbsp;</P><P>Thanks!</P><P>&nbsp;</P><HR /></BLOCKQUOTE><P>Thats your answer</P>Wed, 17 Jul 2019 20:56:58 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682463#M1655812Meanmchine2019-07-17T20:56:58ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682465#M1655813
<BLOCKQUOTE><HR /><BLOCKQUOTE><HR /></BLOCKQUOTE><P>Thats your answer</P><HR /></BLOCKQUOTE><P>Not really. Is it the debt of my mortgages or the unused debt of the credit cards?</P>Wed, 17 Jul 2019 20:59:28 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682465#M1655813RunningWithScissors2019-07-17T20:59:28ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682477#M1655817
<BLOCKQUOTE><HR /><LI-USER login="RunningWithScissors" uid="1074182"></LI-USER>&nbsp;wrote:<BR /><BLOCKQUOTE><HR /><BLOCKQUOTE><HR /></BLOCKQUOTE><P>Thats your answer</P><HR /></BLOCKQUOTE><P>Not really. Is it the debt of my mortgages or the unused debt of the credit cards?</P><HR /></BLOCKQUOTE><P>Unused credit is not a debt for DTI purposes.&nbsp;&nbsp;</P>Wed, 17 Jul 2019 21:08:19 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682477#M1655817rbentley2019-07-17T21:08:19ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682482#M1655819
<P>"Unused debt" by definiton cannot be used in a DTI ratio calculation so that's not the answer.&nbsp; A credit line is not a debt, the actual debt occurs when there's a balance on the credit card.&nbsp; Your credit application denials are most likely due to your current mortgage obligations and your maxed out HELOC.</P>Wed, 17 Jul 2019 21:11:21 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682482#M1655819MaizeandBlue2019-07-17T21:11:21ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682499#M1655823
<P>OK, that's exactly the sort of answer I was looking for. Unfortunately it's not the one I wanted to hear... :-(</P><P>&nbsp;</P>Wed, 17 Jul 2019 21:30:24 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682499#M1655823RunningWithScissors2019-07-17T21:30:24ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682515#M1655825
<BLOCKQUOTE><HR /><LI-USER uid="1074182"></LI-USER>&nbsp;wrote:<BR /><P>I have an excellent (800+) FICO score, and many credit cards I no longer use. I also have quite a few mortgages (almost all are for investment properties) plus a HELOC (almost maxed out), and find myself frequently being turned for new credit cards, even though I have a good salary (in addition to the rental income) and don't miss payments. I have no trouble paying my balances off every month - I never use revolving credit. When I am given a reason for refusal, it's usually because of my debt to income ratio.</P><P>&nbsp;</P><P>Would closing some of the cards I no longer use be beneficial in any way? They are all no-fee cards; most are disused because I now have cards with better benefits.</P><P>&nbsp;</P><P>Thanks!</P><P>&nbsp;</P><HR /></BLOCKQUOTE><P>You've been turned down for credit cards because of "debt to income ratio"? It's funny, I've been turned down many times but never saw that given as a reason. Are you sure those are the words?</P>Wed, 17 Jul 2019 21:44:17 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682515#M1655825SouthJamaica2019-07-17T21:44:17ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682573#M1655831
<P>DTI denials tend to be CU based.</P><P>&nbsp;</P><P>Big banks just say No you have too much credit already when you hit a percent of income like 50%-75% with that particular lender.</P><P>&nbsp;</P><P><STRONG>OP... who are you applying with?</STRONG></P>Wed, 17 Jul 2019 22:56:08 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682573#M1655831Obscure-Expert2019-07-17T22:56:08ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682580#M1655832
<P>If you have credit cards that you don't use, there's no harm in closing them down.&nbsp; The only exception would be if they are non-AF cards that are either your oldest or one of your oldest accounts, as allowing it to continue to age would be a good thing for your file 10+ years from now relative to closing it/them today.&nbsp; Anything else though, I'd just close it.</P>Wed, 17 Jul 2019 23:01:58 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682580#M1655832BrutalBodyShots2019-07-17T23:01:58ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682586#M1655833
<P>Per AJC</P>Wed, 17 Jul 2019 23:18:14 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682586#M1655833Obscure-Expert2019-07-17T23:18:14ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682592#M1655834
Lets remember to be FSR here, thank you everyone. As to the case of OP, he did ask about closing credit cards so its perfectly ok to respond to that aspect of the question.Wed, 17 Jul 2019 23:12:57 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682592#M1655834AverageJoesCredit2019-07-17T23:12:57ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682770#M1655857
<BLOCKQUOTE><HR /><BLOCKQUOTE><HR /></BLOCKQUOTE><P>You've been turned down for credit cards because of "debt to income ratio"? It's funny, I've been turned down many times but never saw that given as a reason. Are you sure those are the words?</P><HR /></BLOCKQUOTE><P>I know I've been turned down for credit due to DTI ratio. I may be conflating a loan application my wife and I submitted with credit card applications, but it's happened more than once.</P>Thu, 18 Jul 2019 01:42:55 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682770#M1655857RunningWithScissors2019-07-18T01:42:55ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682777#M1655858
<BLOCKQUOTE><HR /><LI-USER login="Obscure-Expert" uid="1067747"></LI-USER>&nbsp;wrote:<BR /><P>DTI denials tend to be CU based.</P><P>&nbsp;</P><P>Big banks just say No you have too much credit already when you hit a percent of income like 50%-75% with that particular lender.</P><P>&nbsp;</P><P><STRONG>OP... who are you applying with?</STRONG></P><HR /></BLOCKQUOTE><P>Hmm, is that really how it works? In that case it <EM>would</EM> benefit me to cancel some cards. I don't remember the last card I was rejected for; it was several weeks ago and I generally don't keep track, I just throw away the rejection letter and forget about it.</P><P>&nbsp;</P><P>The only bank where my credit limit approaches that percentage is American Express.</P>Thu, 18 Jul 2019 01:47:55 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682777#M1655858RunningWithScissors2019-07-18T01:47:55ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682820#M1655860
<P>I’m not entirely sure what the question is, but as for closing cards, I would do it. You have good, established credit. I would close any and all cards you don’t want or use. Closing unused cards just simplifies things so much in my opinion. I have never given any thought to the age of the card I want to close. If I don’t want it, I close it. Done.&nbsp;</P><P>&nbsp;</P><P>Good luck!&nbsp;</P>Thu, 18 Jul 2019 02:04:12 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682820#M1655860pinkandgrey2019-07-18T02:04:12ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682863#M1655867
<P>Welcome, <LI-USER uid="1074182"></LI-USER>. <img id="smileyhappy" class="emoticon emoticon-smileyhappy" src="https://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></P><P>&nbsp;</P><P><LI-USER uid="1026361"></LI-USER>, the problem is that RWS has a bunch of mortages and a HELOC that's almost maxed. That results in a DTI that's unusually high. Even though he has no trouble making payments, he has trouble getting credit cards due to DTI.</P><P>&nbsp;</P><P>RWS, I'm not sure that closing cards is going to help. If available credit were the problem, there'd probably be some clue in the denial reasons. You say you "never use" your revolving credit, I think that's a more likely reason. You might help yourself by making sure all your cards show recent usage.You don't have to add to your DTI to do this. Simply pay off your charges before the reporting date.</P><P>&nbsp;</P><P>Otherwise, I think bringing the HELOC balance down could be a big help.</P>Thu, 18 Jul 2019 02:33:29 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682863#M1655867HeavenOhio2019-07-18T02:33:29ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682899#M1655871
<BLOCKQUOTE><HR /><LI-USER uid="1074182"></LI-USER>&nbsp;wrote:<BR /><BLOCKQUOTE><HR />I don't remember the last card I was rejected for; it was several weeks ago and I generally don't keep track, I just throw away the rejection letter and forget about it.</BLOCKQUOTE><HR /></BLOCKQUOTE><P>I might suggest being a bit more conservative in your approach.&nbsp; If you can't remember the card you were rejected for just a few weeks ago it probably means you're applying for products that you don't really need, unnecessarily apping for a ton of products, etc.&nbsp; The taking on of unnecessary inquiries only gives potential lenders further ammo to say "no" the next time you app.</P>Thu, 18 Jul 2019 03:36:18 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5682899#M1655871BrutalBodyShots2019-07-18T03:36:18ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683017#M1655890
<BLOCKQUOTE><HR /><LI-USER login="BrutalBodyShots" uid="947292"></LI-USER>&nbsp;wrote:<BR /><BLOCKQUOTE><HR /><HR /></BLOCKQUOTE><P>I might suggest being a bit more conservative in your approach.&nbsp; If you can't remember the card you were rejected for just a few weeks ago it probably means you're applying for products that you don't really need, unnecessarily apping for a ton of products, etc.&nbsp; The taking on of unnecessary inquiries only gives potential lenders further ammo to say "no" the next time you app.</P><HR /></BLOCKQUOTE><P>I appreciate the concern, but no, that's not the case. I only apply for a new card when there's an extraordinary benefit, such as several hundred in cash for making a certain amount of purchases in the first three months. The reason I can't remember what card it was is that once I was rejected, I had no reason to think about it any more. It's not like I get these offers constantly. I didn't get my FICO score as high as it is by being careless.</P>Thu, 18 Jul 2019 11:42:58 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683017#M1655890RunningWithScissors2019-07-18T11:42:58ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683134#M1655912
<P>I might then suggest that you come up with a way of tracking what you app for.&nbsp; If you can't remember what it was a few weeks ago, who's to say that you won't app for the same product again in attempt for the same SUB and receive another [unnecessary] denial.</P>Thu, 18 Jul 2019 14:25:41 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683134#M1655912BrutalBodyShots2019-07-18T14:25:41ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683159#M1655918
<BLOCKQUOTE><HR /><LI-USER login="BrutalBodyShots" uid="947292"></LI-USER>&nbsp;wrote:<BR /><P>I might then suggest that you come up with a way of tracking what you app for.&nbsp; If you can't remember what it was a few weeks ago, who's to say that you won't app for the same product again in attempt for the same SUB and receive another [unnecessary] denial.</P><HR /></BLOCKQUOTE><P>I would say w/ the OP's info provided you're knocking on the wrong door here.</P><P>&nbsp;</P><P>800+ FICO (<STRONG>check</STRONG>)</P><P>Multiple Mortgages / Invetsments&nbsp; (<STRONG>check</STRONG>)</P><P>Ability to manage / use a HELOC instead of running up CC's / lower rate and tex deductible&nbsp;&nbsp; (<STRONG>check</STRONG>)</P><P>Picks up SUB's when they become available&nbsp;&nbsp; (<STRONG>check</STRONG>)</P><P>&nbsp;</P><P>I think everything is fine and OP was just wondering about the denial reason on the DTI excuse and whether or not closing cards would help alleviate the issue.&nbsp; Reading between the lines the issue may be <STRONG>the high balance on the HELOC at the moment and once that's paid down again the same app could result in an approval</STRONG>.&nbsp; Tracking applcations the way we've invested time in may not be a priority for OP since everything outside of a single app denial is running fine.</P><P>&nbsp;</P><P><STRONG>If it aint broke, don't fix it.</STRONG></P>Thu, 18 Jul 2019 14:43:51 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683159#M1655918Obscure-Expert2019-07-18T14:43:51ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683359#M1655971
<BLOCKQUOTE><HR /><LI-USER login="AverageJoesCredit" uid="949124"></LI-USER>&nbsp;wrote:<BR />Lets remember to be <STRONG>FSR</STRONG> here, thank you everyone.&nbsp;<HR /></BLOCKQUOTE><P>OK, I Googled this initialism and couldn't find anything that would appear to fit the context (I'd like to think it's Five Second Rule, but I'm pretty sure that's not it). Could you enlighten me please?</P><P>&nbsp;</P><P>ETA: <A href="https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458" target="_self">found it</A>:&nbsp;<SPAN>FSR, FS&amp;R = <U>Friendly, Supportive &amp; Respectful</U></SPAN></P><P>&nbsp;</P><P><SPAN>I've been on many forums over the years and this is the first time I've seen that one...</SPAN></P>Thu, 18 Jul 2019 17:53:32 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683359#M1655971RunningWithScissors2019-07-18T17:53:32ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683366#M1655976
<P>It's a myFICO Forum term for "friendly, supportive, and respectful." <img id="smileyhappy" class="emoticon emoticon-smileyhappy" src="https://fico.i.lithium.com/i/smilies/16x16_smiley-happy.gif" alt="Smiley Happy" title="Smiley Happy" /></P>Thu, 18 Jul 2019 17:52:16 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683366#M1655976HeavenOhio2019-07-18T17:52:16ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683408#M1655985
<BLOCKQUOTE><HR /><LI-USER uid="1067747"></LI-USER>&nbsp;wrote:<BR /><BLOCKQUOTE><HR /><HR /></BLOCKQUOTE><P>I would say w/ the OP's info provided you're knocking on the wrong door here.</P><P>&nbsp;</P><HR /></BLOCKQUOTE><P>It's just advice and doesn't need to be followed.&nbsp; Regardless of all the "check" points you referenced, the OP was still denied.&nbsp; That being said, doing another app for the same product and expecting a different result (non-denial) would for many be the definition of insanity.&nbsp; My advice was only to prevent that from happening and adding unnecessary HPs to his CR.&nbsp; If he doesn't care, that's all good too.&nbsp;</P>Thu, 18 Jul 2019 18:24:25 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683408#M1655985BrutalBodyShots2019-07-18T18:24:25ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683415#M1655987
<P>If you can't remember what app you put in, you should probably be freezing your credit reports so that you don't let fraud slip because you thought you may have applied for something. I personally would be very concerned if I lost track of what I applied for even once. I can tell you every app I have made since 10/2016 - who it was and what month and who they pulled. I couldn't fathom not being able to recall a more recent app.&nbsp;</P>Thu, 18 Jul 2019 18:30:33 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683415#M1655987Saeren2019-07-18T18:30:33ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683496#M1655999
<P>Welcome RunningwithScissors,</P><P>&nbsp;</P><P>After reading everyone's responses, I decided to Google and see what I could find. I found an anaology by Julie Bawden-Davis, Supermoney, that kind of put what you're experiencing from credit card companies in perspective. She said:</P><P>&nbsp;</P><P><EM>"When it comes to getting a credit card, DTI is just as important as your credit score, if not more so. <STRONG>Think of your DTI as a piece of pie. If most of your financial pie is made up of debt, there’s not much left over to feed any new debt.</STRONG> For that reason, credit card issuers will opt to turn down your application. They will see your pie as too full of debt.</EM></P><P>&nbsp;</P><P>The article went on to say, in part:</P><P>If you applied for a credit card but were denied despite having good credit, the reason is most likely you have a high debt-to-income ratio (DTI). This all-important ratio may not directly affect your credit score, but it does play a key factor in whether you receive a credit card when you apply....&nbsp;A debt-to-income ratio of less than 30% to 36% is generally considered a low (good) DTI. <STRONG>If it’s more than 40%, lenders consider you a high-risk borrower, no matter how good of a credit score you have</STRONG>.</P><P>&nbsp;</P><P><A href="https://www.supermoney.com/high-debt-income-ratio-credit-card-application-denied/" target="_blank" rel="noopener">https://www.supermoney.com/high-debt-income-ratio-credit-card-application-denied/</A></P><P>&nbsp;</P>Thu, 18 Jul 2019 20:03:49 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683496#M1655999CreditInspired2019-07-18T20:03:49ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683751#M1656032
<P>Thanks for all the responses so far. While we're on the subject, how do they validate income? Or do they just go by what I tell them? I know they're not calling my employer and I don't know if it's recorded anywhere else. Trouble is that the rental income goes into bank accounts dedicated to the properties, whereas my regular income goes into my personal account.</P>Fri, 19 Jul 2019 01:48:23 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683751#M1656032RunningWithScissors2019-07-19T01:48:23ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683804#M1656038
Basically lenders go by what we tell them. However, some lenders may ask for POI before or after the approval. And then some can approve you, shut you down until after a FR and/or request a IRS 4506-T transcript all in one fell swoop.Fri, 19 Jul 2019 02:50:07 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683804#M1656038CreditInspired2019-07-19T02:50:07ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683878#M1656064
<P>Always think carefully when closing a credit card. For one, never close your oldest card. Preferrably, only close it if it's newer than the average age of your cards, even among cards that you never use. If you don't use a card and it happens to be your oldest, use it every now and then, just to give it some useage.</P>Fri, 19 Jul 2019 07:49:23 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683878#M1656064tigereyes2019-07-19T07:49:23ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683987#M1656073
<BLOCKQUOTE><HR /><LI-USER login="tigereyes" uid="1026003"></LI-USER>&nbsp;wrote:<BR /><P>Always think carefully when closing a credit card. For one, never close your oldest card. Preferrably, only close it if it's newer than the average age of your cards, even among cards that you never use. If you don't use a card and it happens to be your oldest, use it every now and then, just to give it some useage.</P><HR /></BLOCKQUOTE><P>Hmm...what's the thinking here? The oldest card I have is Discover, which I've had almost 30 years. I don't use it that much. Next longest would be Amex (actually, several different Amexes); although I don't have the same card I did when I got my first Amex card, my account goes back to the mid 1990s, and I use my Amex Schwab card the most. All of my other cards I've had less than 15 years, although some are related to older cards (e.g. when a bank discontinued one card and forced the switch to another).</P>Fri, 19 Jul 2019 13:56:53 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5683987#M1656073RunningWithScissors2019-07-19T13:56:53ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5684112#M1656093
<P>What tigereyes is referring to is your AoOA and indirectly your AAoA as well.&nbsp; Closing your oldest CC today won't adversely impact you, but 10 years after closure when it falls off of your CR your AoOA will drop to the age of your second oldest card and you'll also lose that oldest account from being averaged into your AAoA.&nbsp; Now, if you've got Amex cards that are only a few years younger, it's far less of a big deal... as in 10 years your then 40 year old AoOA would only drop to (say) 35 years or whatever.&nbsp;</P><P>&nbsp;</P><P>I personally would still do what I could to preserve that 30 year old Discover account, which really would only take a tiny swipe every 6 months or so to ensure it stays open.&nbsp;</P>Fri, 19 Jul 2019 16:30:04 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5684112#M1656093BrutalBodyShots2019-07-19T16:30:04ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5684190#M1656099
<BLOCKQUOTE><HR /><LI-USER login="RunningWithScissors" uid="1074182"></LI-USER>&nbsp;wrote:<BR /><P>Thanks for all the responses so far. While we're on the subject, how do they validate income? Or do they just go by what I tell them? I know they're not calling my employer and I don't know if it's recorded anywhere else. Trouble is that the rental income goes into bank accounts dedicated to the properties, whereas my regular income goes into my personal account.</P><HR /></BLOCKQUOTE><P>Financial institutions have a variety of ways to validate the income you claim.&nbsp; There are numerous data brokers and secondary consumer data reporting agencies that maintain databases they can use to validate income.&nbsp; One such source is Equifax's <A href="https://www.theworknumber.com/" target="_self">The Work Number</A> which is used to verify employment history and income.&nbsp; Some lenders, like American Express, will sometimes demand IRS Form 4605-T so they can get a transcript of your tax returns directly from the IRS.</P>Fri, 19 Jul 2019 17:58:49 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5684190#M1656099MaizeandBlue2019-07-19T17:58:49ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5684212#M1656101
<P>Underwriter here.. if the bank says you have a DTI issue - you have 3 ways to remedy;</P><P>1. Decrease your loan balances</P><P>2. Increase your income</P><P>3. Both</P>Fri, 19 Jul 2019 18:38:33 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5684212#M1656101plaidington2019-07-19T18:38:33ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686290#M1656471
<BLOCKQUOTE><HR />Financial institutions have a variety of ways to validate the income you claim.&nbsp; There are numerous data brokers and secondary consumer data reporting agencies that maintain databases they can use to validate income.&nbsp; One such source is Equifax's <A href="https://www.theworknumber.com/" target="_self">The Work Number</A> which is used to verify employment history and income.&nbsp; Some lenders, like American Express, will sometimes demand IRS Form 4605-T so they can get a transcript of your tax returns directly from the IRS.<HR /></BLOCKQUOTE><P>I've never been asked for that from from Amex, and we have a credit limit of over $60K with them (and that doesn't include the Amex charge cards, only the credit cards). Regarding&nbsp;<U>The Work Number</U>, that appears to be an opt-in service for the employee (that is, you have to register in order to get your salary info to people who need to see it).</P>Mon, 22 Jul 2019 14:06:44 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686290#M1656471RunningWithScissors2019-07-22T14:06:44ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686291#M1656472
<BLOCKQUOTE><HR /><LI-USER login="plaidington" uid="927137"></LI-USER>&nbsp;wrote:<BR /><P>Underwriter here.. if the bank says you have a DTI issue - you have 3 ways to remedy;</P><P>1. Decrease your loan balances</P><P>2. Increase your income</P><P>3. Both</P><HR /></BLOCKQUOTE><P>OK, that's pretty much been confirmed. But we still haven't definitively established how they know what my income is, other than what I tell them. Even if&nbsp;<U>The Work Number</U>, discussed in the previous post, is a valid way, is rental income seen? That goes directly from my tenants into my business bank account, or occasionally by Paypal, which is then deposited directly into my bank account. Without my rental income, it's going to look like I'm seriously overextended, but obviously that's not the case, since I'm able to keep up on all my payments.</P>Mon, 22 Jul 2019 14:11:27 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686291#M1656472RunningWithScissors2019-07-22T14:11:27ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686298#M1656475
<BLOCKQUOTE><HR /><LI-USER uid="1046250"></LI-USER>&nbsp;wrote:<BR /><P>If you can't remember what app you put in, you should probably be freezing your credit reports so that you don't let fraud slip because you thought you may have applied for something. I personally would be very concerned if I lost track of what I applied for even once. I can tell you every app I have made since 10/2016 - who it was and what month and who they pulled. I couldn't fathom not being able to recall a more recent app.&nbsp;</P><HR /></BLOCKQUOTE><P>Right, but that's just another example of "we are all different"!&nbsp; &nbsp;For most people not on forums like this, it certainly wouldn't occur to them that this is worth tracking (and they would ask "what do you mean, 'who they pulled'?"!)&nbsp; &nbsp;And even for some here, including myself, that's way too much detail.&nbsp; &nbsp;Basically I app now and then for a card I want, if I get it, done, if not,&nbsp; I will forget it soon enough</P>Mon, 22 Jul 2019 14:23:17 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686298#M1656475longtimelurker2019-07-22T14:23:17ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686368#M1656489
<BLOCKQUOTE><HR /><LI-USER uid="1074182"></LI-USER>&nbsp;wrote:<BR /><BLOCKQUOTE><HR /><LI-USER uid="927137"></LI-USER>&nbsp;wrote:<BR /><P>Underwriter here.. if the bank says you have a DTI issue - you have 3 ways to remedy;</P><P>1. Decrease your loan balances</P><P>2. Increase your income</P><P>3. Both</P><HR /></BLOCKQUOTE><P>OK, that's pretty much been confirmed. But we still haven't definitively established how they know what my income is, other than what I tell them. Even if&nbsp;<U>The Work Number</U>, discussed in the previous post, is a valid way, is rental income seen? That goes directly from my tenants into my business bank account, or occasionally by Paypal, which is then deposited directly into my bank account. Without my rental income, it's going to look like I'm seriously overextended, but obviously that's not the case, since I'm able to keep up on all my payments.</P><HR /></BLOCKQUOTE><P>They can get astonishingly close to your income using your spending patterns, location, information from services like EWS that track your bank account balances, and other sources. The information these companies track is mind blowing and we all let them.&nbsp;</P>Mon, 22 Jul 2019 15:32:27 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686368#M1656489Saeren2019-07-22T15:32:27ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686371#M1656491
<BLOCKQUOTE><HR /><LI-USER uid="702217"></LI-USER>&nbsp;wrote:<BR /><BLOCKQUOTE><HR /><LI-USER uid="1046250"></LI-USER>&nbsp;wrote:<BR /><P>If you can't remember what app you put in, you should probably be freezing your credit reports so that you don't let fraud slip because you thought you may have applied for something. I personally would be very concerned if I lost track of what I applied for even once. I can tell you every app I have made since 10/2016 - who it was and what month and who they pulled. I couldn't fathom not being able to recall a more recent app.&nbsp;</P><HR /></BLOCKQUOTE><P>Right, but that's just another example of "we are all different"!&nbsp; &nbsp;For most people not on forums like this, it certainly wouldn't occur to them that this is worth tracking (and they would ask "what do you mean, 'who they pulled'?"!)&nbsp; &nbsp;And even for some here, including myself, that's way too much detail.&nbsp; &nbsp;Basically I app now and then for a card I want, if I get it, done, if not,&nbsp; I will forget it soon enough</P><HR /></BLOCKQUOTE><P>I didn't join this board until 9/2018 and I can tell you that I have always tracked what cards I apply for. Seems like something that is important to remember but maybe that's just me. 🤷‍♂️&nbsp;</P>Mon, 22 Jul 2019 15:33:34 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686371#M1656491Saeren2019-07-22T15:33:34ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686387#M1656496
<BLOCKQUOTE><HR /><LI-USER login="RunningWithScissors" uid="1074182"></LI-USER>&nbsp;wrote:<P>I've never been asked for that from from Amex, and we have a credit limit of over $60K with them (and that doesn't include the Amex charge cards, only the credit cards). Regarding&nbsp;<U>The Work Number</U>, that appears to be an opt-in service for the employee (that is, you have to register in order to get your salary info to people who need to see it).</P><HR /></BLOCKQUOTE><P>The Work Number is not opt-in for the employee, but the employer.<BR /><BR />My current employer uses it, so I grabbed my report to see what was on there, and they had one early and my current job on there with full financial information (it was missing a nice gap of 14 years as not all of my employers used it).&nbsp; &nbsp;Even whether or not I had retirement/medical benefits.</P>Mon, 22 Jul 2019 15:49:07 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686387#M1656496calyx2019-07-22T15:49:07ZRe: Should I cancel some credit cards?https://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686500#M1656524
<BLOCKQUOTE><HR /><LI-USER uid="702217"></LI-USER>&nbsp;wrote:<BR /><BLOCKQUOTE><HR /><LI-USER uid="1046250"></LI-USER>&nbsp;wrote:<BR /><P>If you can't remember what app you put in, you should probably be freezing your credit reports so that you don't let fraud slip because you thought you may have applied for something. I personally would be very concerned if I lost track of what I applied for even once. I can tell you every app I have made since 10/2016 - who it was and what month and who they pulled. I couldn't fathom not being able to recall a more recent app.&nbsp;</P><HR /></BLOCKQUOTE><P>Right, but that's just another example of "we are all different"!&nbsp; &nbsp;For most people not on forums like this, it certainly wouldn't occur to them that this is worth tracking (and they would ask "what do you mean, 'who they pulled'?"!)&nbsp; &nbsp;And even for some here, including myself, that's way too much detail.&nbsp; &nbsp;Basically I app now and then for a card I want, if I get it, done, if not,&nbsp; I will forget it soon enough</P><HR /></BLOCKQUOTE><P>Pretty much this ^^^</P>Mon, 22 Jul 2019 17:54:44 GMThttps://ficoforums.myfico.com/t5/Credit-Cards/Should-I-cancel-some-credit-cards/m-p/5686500#M1656524FinStar2019-07-22T17:54:44Z